Bank accounts opened between July 1, 2014, and August 31, 2015, could be blocked if not in compliance with FATCA (Foreign Account Tax Compliance Act) provisions. India had entered into an agreement with the United States for implementation of the FATCA. The provision allows an automatic exchange of financial information between India and the US. Account holders are required to provide details such as country of tax residence, tax identification number from such country, country of birth, country of citizenship, etc.
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